Alibaba Group Holding Limited (NYSE:BABA) today posted its financial results for the quarter and fiscal year ended March 31, 2020, with revenues marking an increase on the back of the domestic retail and cloud computing business segments.

During the quarter to end-March 2020, revenue was RMB114,314 million (US$16,144 million), an increase of 22% year-over-year.

On the downside, net income attributable to ordinary shareholders was RMB3,162 million (US$447 million), a decrease of 88% year-over-year, and net income was RMB348 million (US$49 million), a decrease of 99% year-over year. The year-over-year decrease reflected a net loss in investment income, mainly reflecting decreases in the market prices of Alibaba’s equity investments in publicly-traded companies, compared to a net gain recorded in the same quarter of 2019.

Non-GAAP net income, which excludes the above-mentioned loss and gain, amounted to RMB22,287 million (US$3,148 million) in the quarter to March 31, 2020, an increase of 11% year-over-year.

During the fiscal year to end-March 2020, revenue was RMB509,711 million (US$71,985 million), an increase of 35% year-over-year.

Net income attributable to ordinary shareholders was RMB149,263 million (US$21,080 million), and net income was RMB140,350 million (US$19,821 million). Non-GAAP net income for the fiscal year to end-March 2020 was RMB132,479 million (US$18,710 million), an increase of 42% year-over-year.

Alibaba Cloud has maintained its leadership position in Asia Pacific’s cloud computing market by developing technology and business solutions that enable the digital transformation of businesses across industries in the public and private sectors. Cloud computing revenue grew 58% year-over-year to RMB12,217 million (US$1,725 million) in the quarter ended March 31, 2020 and 62% year-over-year in fiscal year 2020 to RMB 40,016 million (US$5,651 million), primarily driven by increased revenue contribution from both Alibaba’s public cloud and hybrid cloud businesses.

“Our overall business continued to experience strong growth, with a total annual active consumer base of 960 million globally, despite concluding the fiscal year with a quarter impacted by the economic effects of the COVID-19 pandemic. The pandemic has fundamentally altered consumer behavior and enterprise operations, making digital adoption and transformation a necessity. We are well positioned and prepared to help large and small businesses across a wide spectrum of industries achieve the digital transformation they need to survive this difficult period and eventually prevail in the new normal.

“Although the pandemic negatively impacted most of our domestic core commerce businesses starting in late January, we have seen a steady recovery since March. Based on our current view of Chinese domestic consumption and enterprise digitization, we expect to generate over RMB650 billion in revenue in fiscal year 2021.”

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